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Labour market has been soft in 2016 amid economic slowdown. Based on latest report from the Ministry of Manpower, resident unemployment rate has increased.
The seasonally adjusted resident unemployment rate rose to 3.0 percent in 2Q16, after staying in the range of about 2.6-2.9 percent in the past five years amid weaker economic growth and fewer job openings. In addition, income growth has also moderated. Growth in nominal median monthly income (including employer CPF contributions) of full-time employed residents moderated to 2.7 percent y/y (SGD 4,056) in 2Q16, down from 4.7 percent in the same period last year.
In real terms, income growth slowed to 3.2 percent, from 5.3 percent in the same comparison period. Such trends have been consistent with economic growth cycle in which GDP growth for the past few years have continued to moderate.
While there have been some tentative signs of bottoming out in the growth cycle, the pain in the labour market may continue to linger. Essentially, the labour market cycle lags behind the growth cycle. Moreover, companies will continue to streamline processes and re-calibrate their strategies for the medium term amid the restructuring process, DBS reported.
